The World Pension Summit ‘Africa special’ billed to hold in Abuja between today and tomorrow has the potential to address the seething individual dependency syndrome that characterises life at old age in Africa.
“It is important to note that widespread
poverty in Africa is as a result of numerous factors but exacerbated by
lack of social security at old age,” said Wilson Ideva, managing
director, Premium Pension Limited.
“The contributory pension scheme is a
vehicle for savings and investment and provides lump sum payment at
commencement of retirement and also programmed monthly pension for
retirees. The scheme in addition avails the government of large pool of
funds to drive social and economic development.”
According to him, it is important that
this special summit is taking place in Nigeria because the country
remains in no small measure the epitome of Africa and the exchange of
ideas and experiences from around Africa and the world would only serve
to enrich the rendition of the contributory pension scheme across the
continent.
“The pension industry is becoming central to the contemporary narrative of development in Africa,” he said.
With increasing economic growth
consequent upon local and foreign investment, the pension industry will
continue to provide a platform for savings among the working population
in Africa, Ideva stated.
“It is heartwarming that this summit is
addressing important aspects of and tools for effective pension delivery
mainly from the prism of African peculiarities.”
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